Bitcoin Insider: 17/08/24 - Read Time: 3 Min

Choppy price action at key support is considered bullish…

The recent data on Bitcoins price action has remained somewhat the same over this week. Price action still has not broken its key resistance zone - that being the .618 Fibonacci.

A short-term correction to the .618 Fibonacci support is a key region for Bitcoin to hold. This will paint some bullish price action on the chart - more discussed in the TA section. 

In recent news events, Institutional adoption of Bitcoin ETFs surges 27% in quarter two and chainalysis alerts rise in crypto hacks and ransom in 2024.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Wisdom Center

Bitcoin Price Analysis

Current Price Action

From the previous updates you may recall this trading channel and the .618 Fibonacci resistance zone.

As evident, price action has still failed to break above the region of resistance for a considerable period of time - solidifying more weakness.

Local price action is in a corrective phase now and is trending towards the lower .618 Fibonacci support. How price action reacts at the lower support will be indicative of the future trend.

CME Futures Chart

Observing the price action more closely, the POC is currently acting as resistance - price is considered weak.

There is a high probability that price action is searching for lower support, the target is situated around the $53,988 - $53,561 region.

A test of this region must hold to keep Bitcoin bullish, this will confirm a potential higher low which will lead to a trend change.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Latest Market News

Chainalysis alerts rise in crypto hacks

A recent report reveals that although the total volume of illicit transactions within cryptocurrency markets has decreased in 2024, there has been an increase in specific categories of crypto-related criminal activities.

According to the initial segment of the mid-year crypto crime update published by Chainalysis on August 15, aggregate illicit activity in the cryptocurrency sector has experienced a decline of 19.6% year-to-date (YTD), dropping from $20.9 billion to $16.7 billion by July 2024.

Chainalysis has observed that legitimate cryptocurrency activities are expanding at a rate that surpasses that of illicit activities on the blockchain in 2024, largely attributed to favorable developments in the industry, such as the adoption of spot Bitcoin (BTC).

Institutional adoption of Bitcoin ETFs surges

The second quarter of 2024 witnessed a notable increase in the institutional adoption of spot Bitcoin exchange-traded funds (ETFs), even in light of Bitcoin's recent price correction.

The uptake of United States-based spot Bitcoin ETFs surged by more than 27% during this period.

Ongoing institutional interest in ETFs has the potential to substantially enhance Bitcoin's market value, as these institutions possess considerable capital that can influence cryptocurrency markets.

For Bitcoin to achieve new all-time highs, sustained institutional engagement is essential.

Crypto X Segment

Emerging news and trends

Nixon ended gold standard 53 years ago today — WTF happened in 1971?: Aug. 15, 2024, marks the 53rd anniversary of the “Nixon Shock,” the day that United States President Richard Nixon eliminated the gold standard for the US dollar. At the time, Nixon claimed that taking the dollar off the gold standard was “temporary” and would “stabilize” the dollar. 

Marathon Digital buys $249M Bitcoin, reserves reach 25K BTC: Marathon saw net proceeds of around $292.5 million for its convertible senior notes due in September 2031, which bear a 2.125% annual interest rate and are convertible into cash, Marathon stock or both.

South Korean metaverses are closing amid scandals and disinterest:South Korea’s tech-savvy population, blazing-fast internet, and deep-rooted gaming culture made it the ideal testbed for metaverse applications. Despite these advantages, some of the country’s top metaverse platforms are now closing their doors.

Wisdom Center

Bitcoin Insider bouncing back to work, See you in the next one! 👊